7:24 am, February 19, 2024
Car supermarket Hilton Garage saw its pre-tax profit drop to just under £2.4m last year in spite of turnover rising.
The family-run Derby-based used car dealership’s newly published accounts for the year ended May 31, 2023 show it made a profit before tax of £2,399,746 versus £2,685,826 during the preceding financial year – a fall of 10.6%.
That was on turnover that went up by 2.9% from £120,814,455 to £124,421,370.
Ebitda, meanwhile, was reported as £2.7m, while net profit as a percentage of turnover before interest, amortisation, depreciation and tax was 2.17%.
In the accompanying report, signed on behalf of the board by director David Manning, who is the ultimate controlling party, the company said it had had ‘another year of strong trading performance in what is a highly competitive market’.
Looking ahead, it said was aiming to grow in size, stating: ‘Our aim is to maximise the company’s ability to grow profits to fund continued investment for the future of the business and job security for the employees.
‘Trading conditions are expected to be as competitive as 2023 and volatility within the market place is expected given the uncertainty surrounding customer fuel preferences and future potential legislative changes.
‘However, the company does anticipate continued expansion and increased revenues.’
The total distribution of dividends for its financial year will come to £72,500, said the company, which is down by £1,000 on the year before.
The average number of employees fell by three to 114, although there were big changes within that, with production staff headcount rising from 29 to 79 but admin staff reduced from 82 to 29.
The directors’ remuneration came to £115,313 – up by 26% from 2022’s £91,648.
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